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Government DepartmentsTax Havens Buck European Property Slump 20-04-2009
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Bahamas
Physical Facts |
|
| Population: | 305655 (July 2007) |
| Location: | 100 miles of coast of Florida |
| Area: | 22 inhabited islands; 10,070 sq km |
| Climate: | Semi-tropical moderated by warm waters of Gulf Stream. Temperature:- Winter average 21 – 24 C, Summer 27 – 32 C. |
| Transport | Air, sea road. 3 International airports |
| International Direct Dialling prefix: | 347 |
| Internet Country Code | .bs |
| Time difference on GMT: | - 5 |
Administrative Facts: |
|
| Status: | Constitutional parliamentary democracy. |
| Government: | The Queen is the Head of State and is represented by a Governor General. The House of Assembly has 41 elected members. Elections are held every 5 years. The House of Assembly is headed by a Prime Minister and a Cabinet of 8 Ministers. |
| Legal System: | Bicameral Judicial system based on English Common Law to which many Bahamian statutes have been added. The judicial system constitutes the Supreme Court, Court of Appeal, Magistrates Court and the Privy Council in London |
| Language: | English, Creole (among Haitian immigrants) |
| Education system: | Compulsory until age 16. |
| Embassy: | High Commission for The Bahamas, London, United Kingdom: +44 (0)20 7408 4488 |
| Residency/Working Requirements: | Individuals purchasing real estate valued over $500,000 receive automatic permanent residency. To obtain a work permit the Immigration Department must first consider if they believe the individual to be an asset to the islands. Upon this phase being succesful the prospective employer must advertise the job locally and obtain a certificate from the Labour Exchange confirming that no equally qualified Bahamanian can fill the role. |
Fiscal Facts |
|
| Legal tender & currency: | Bahamian Dollar $B and US Dollar (1 $B = 1 $US). Bahamian dollars are non convertible outside the jurisdiction |
| VAT: | None |
| Sales Tax: | None |
| Import duty: | The standard ad valorem tariff for imported goods is 35%. The Government raises over 50% of its revenue from import tariffs or duties. Many items have their own duty rates. |
| Export duty: | None |
| Banking: | International (over 300 licensed banks from more than 30 countries) |
| Annual Government Revenue: | $1.03 billion |
| Annual Government Expenditure: | $1.03 billion |
| GDP: | $6.586 billion. (2007) |
| Minimum wage: | US$: 4.00 Govt departments: US$ 4.45 |
| Financial Services Regulation: | The Central Bank of the Bahamas deals with regulation and supervision of the financial sector. The Financial Services Board regulates banking, private banking and trust services, investment funds, capital markets, investment advisory services, accounting and legal services, insurance, and corporate and shipping registry. The Securities Commission of the Bahamas regulates the securities and capital markets. |
| Financial Services Regulation Contact Details: | Securities Commission of the Bahamas tel (1 242) 356 6291 fax(1 242) 356 7530 |
Tax Facts |
|
| General: | Everyone pays national insurance whether resident or not. Employees pay 3.4% and employers 5.4% of earnings. Self-employed persons pay 8.8% of earnings. Only Bahamians are entitled to benefits however. |
| Corporate Tax: | No corporation tax |
| Individual – resident: | No income tax |
| Individual – non-resident: | No income tax |
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